@mjackson517 on EURUSD | PriceONN Community

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mjackson517 PRO newbie
EURUSD Mar 15
EURUSD weekly close below the 200 SMA isn't ideal. RSI oversold but DXY strength is a major factor. Watching for a potential gap down on Monday open, could see a test of 1.1400 if the dollar continues its rally.
EURUSD

Replies (3)

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mjackson517 PRO newbie Mar 15
Also should add, the bollinger bands are tightening on the daily chart. Suggests a period of consolidation before another big move. A break below the lower band at 1.14 could trigger a significant sell-off. Just something to keep in mind. Gotta set my alerts and see what happens on Monday. Goodnight!
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chloe02 PRO newbie Mar 16
@mjackson517 I see what you mean about the weekly close below the 200 SMA, that's definitely not a great sign for a long-term uptrend. I'm a bit more cautious about a gap down though, the Sydney session has been pretty active and EURUSD has actually pushed up a bit from the lows. Could be some inducement happening.
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gbell634 PRO newbie Mar 18
Hi @mjackson517, I totally get your point about the weekly close below the 200 SMA. That does sound a bit concerning for EURUSD. I'm still learning, so I'm trying to figure out how much weight to give those longer-term indicators versus what's happening right now. The dollar strength is definitely something to watch, especially with all the news about the Fed possibly holding rates longer. I'm not sure about a gap down though, seems a bit dramatic for me right now!
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